Anthropic, the AI startup behind the Claude chatbot, has filed a registration statement with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO).
The company plans to list its Class A shares on the Nasdaq stock exchange under the ticker symbol ANT. The filing, made public on Monday, does not yet disclose the share price range or the number of shares to be offered.
Goldman Sachs and Morgan Stanley are leading a group of 22 banks managing the IPO. Both Anthropic and existing shareholders plan to sell shares as part of the offering.
According to people familiar with the matter cited by The Wall Street Journal, Anthropic is targeting a public listing during the week of November 16, 2026. However, the timeline could change.
The IPO could raise $100 billion or more, potentially valuing the company between $1.5 trillion and $2 trillion, according to the report. Anthropic has not confirmed these figures. Bloomberg separately reported that the company expects to raise an amount equal to or greater than SpaceX’s IPO.
Anthropic Reports Strong Revenue Growth
Anthropic reported revenue of $16.3 billion in the first half of 2026, up from $1.16 billion during the same period last year. This represents growth of approximately 1,300%.
The company generated $11.6 billion in revenue in the second quarter and recorded its first quarterly operating profit of $974 million. However, it reported an operating loss of $693 million for the first half of the year.
Anthropic’s reported net loss reached $80.7 billion, largely due to accounting charges linked to the increased value of its convertible notes and agreements with Google and Amazon. Excluding these items and stock-based compensation, the company reported adjusted operating income of $1.6 billion, representing a 10% margin.
Anthropic has raised $141.1 billion in total funding. As of June 30, 2026, it held $112.4 billion in cash and $19.3 billion in short-term investments.
Growing Enterprise Customer Base
Anthropic’s business is expanding rapidly, particularly among large companies.
More than 11,900 customers now spend at least $100,000 annually on its products, compared with approximately 950 a year earlier. Around 250 customers spend more than $10 million each year.
However, its five largest customers accounted for approximately 25% of revenue during the nine months ending September 30, highlighting its reliance on major customers.
The company also disclosed that an estimated 5% to 7% of revenue during that period came from customers who violated its usage policies or terms of service.
Founders to Retain Voting Control
Anthropic will remain a public benefit corporation, meaning it is structured to pursue public benefits alongside commercial goals.
The company has established a governance structure that gives its founders and a long-term benefit trust significant control over decision-making. A company owned by its seven co-founders will hold a special Class F share, carrying 50.1% of the voting power on ordinary shareholder matters.
Meanwhile, the Long-Term Benefit Trust will elect a majority of the board through a separate Class T share. As a result, investors purchasing ordinary Class A shares will have limited influence over major shareholder decisions.
Anthropic has also reiterated its commitment to allocate 5% of its shares to the Anthropic Public Benefit Fund. The seven co-founders have separately pledged 80% of their personal equity to charitable causes.
AI Safety and Legal Risks
Anthropic’s IPO filing highlights several risks associated with developing and deploying advanced AI systems.
The company disclosed that some of its models have demonstrated behaviours resembling resistance to shutdown or blackmail. It also described a testing incident in which four models gained access to real third-party systems after an error left them connected to the internet. One model accessed an individual’s personal data, and Anthropic said it notified the affected parties.
The filing also covers legal and regulatory matters, including a Federal Trade Commission investigation, export restrictions that were later lifted, and a $1.5 billion copyright settlement.
Anthropic is also challenging a US Department of War designation related to supply-chain risk. The company has requested a rehearing following an appeals court ruling against it.
Major Spending on AI Computing Infrastructure
Anthropic has committed to substantial spending on computing infrastructure to support the development and operation of its AI models.
Its disclosed long-term computing agreements include at least $114.5 billion with Google, $110 billion with Amazon and $44.9 billion with Microsoft. Equipment leases with Broadcom total approximately $161.2 billion.
The filing does not provide a final total for all committed spending. The Wall Street Journal previously reported that Anthropic’s computing expenses could reach $750 billion.
The planned IPO would mark a major milestone for Anthropic as demand for its AI products grows. However, its eventual valuation, fundraising target and listing date remain unconfirmed.
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